My Advice for New Entrepreneurs

by Kevin on July 27, 2008

The Money Blog Network has a group project once per month and this month they’ve invited non-members to also write on the topic of the month: our best advice for new entrepreneurs.

My Best Advice for New Entrepreneurs

The advice I would tell to anyone that is looking to start a side income or go all out with an entrepreneurial adventure is keep on trying. Most of the famous entrepreneurs out there have failed multiple times before making it big. You are likely to end up in a similar situation. Success does not come easy and the path is not clear. A lot of success — or lack thereof — is just dumb luck.

Some steps you can use to remember to keep on trying:

  • Keep an idea notebook with you at all times. Inspiration for new ideas can happen at any moment. There have been countless times where I’ve thought of something in the middle of the night or driving into work and I neglect to write it down. Inevitably, I forget what my next great idea was.
  • If you can, try the online route. Many things are free or very cheap online — web hosting, domains, blogging software. The total cost for me to run this blog is less than $50 per year. I’m not making millions, but it has paid for itself.
  • You don’t have to spend thousands of dollars to start. This goes hand in hand with the point above. You don’t need $10,000 in start up capital to get going. Bootstrapping is a great way to start any company. Others call it sweat equity. in the past few months I invested $110 into a new online project that ended up resulting in over 1700% return on my money (nearly $2,000). It was a lot of hard work and I don’t think it will be consistent, but two grand is nothing to be disappointed with.

So stick it out. Try new things. Seek failure. It’s a lot easier — and faster — to fail online because of low costs. Try new things out, and keep it up.

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Flexo July 28, 2008 at 10:36 am

Having an idea notebook is a great suggestion. I have one for writing ideas, but I don’t keep it on me most of the time. This is a good reminder that I should keep it with me.

Blake July 30, 2008 at 4:00 pm

I too think of good ideas at times when I’m not able to spill it on paper, and they get lost. I want to find a decent way to hang whiteboard in my shower (or just write on the shower wall itself). I get a lot of good thinking done in there. lol.

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